Well, you can most likely expect an increase in your property taxes this fall.
This increase stems from the voter-approved change to Oregon’s Constitution, Measure 50, which passed In May 1997. Measure 50 limited taxing districts to a specific rate instead of a varying levy. Back in 1997 a constant appreciation in property values was anticipated by the authors of this measure, but the housing bust in 2008 proved them wrong and Deschutes County property taxpayers will now start to see affects of this.
Every property account will be different. Some will be impacted, others may not. This will depend on the taxable value of the home. This value is determined by either the real market value or RMV value which fluctuates with the market, or the maximum assessed value or AV value which increases by a slower – more predictable rate, whichever of these two is the lowest. For the first time in years, as the real market value of many homes will exceed the maximum assessed value, many property owners will see an increase in their tax bill.
As this problem is not yet state wide, and not equal among individuals & properties, it may be a difficult problem for the Oregon Senate Finance Committee to find a solution for it. For more information visit the Deschutes County Assessor’s Office. We have posted there website here:
Deschutes County: http://www.deschutes.org/Assessors-Office.aspx
I hope you've found
this information helpful and if you have any questions about
the Central Oregon Real Estate Market or if we can
help you with your next purchase or sale,please call
us or shoot us an email to the numbers posted here.
Thanks again
and have
a great day!
Jim Birtola
Designated Broker & Owner
Birtola Garmyn High Desert Realty
www.BendOregonRealEstate.com
541-312-9449
Designated Broker & Owner
Birtola Garmyn High Desert Realty
www.BendOregonRealEstate.com
541-312-9449
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